Tan, SMC to finalize PAL stake sale next year

(The Philippine Star) - MANILA, Philippines - Negotiations for the sale of the majority stake in flag carrier Philippine Airlines Inc. (PAL) with San Miguel Corp. (SMC) are expected to be finalized by next year.

PAL chairman and chief executive officer Lucio Tan told reporters in a chance interview yesterday that his group is in talks with SMC for the sale of the 51-percent stake in the airline.

He said he expects the negotiations for the sale to be completed “by early next year.”

Should Tan’s group decide to sell its 51-percent stake to SMC, the carrier will become wholly-owned by SMC which currently holds a 49-percent share.

In April last year, SMC infused $500 million for the purchase of a 49-percent equity interest in Trustmark Holdings Corp.

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